â€œWell, the catch is that the government will actually have an extra $700 million to spend, plus a good portion of Americans will have an extra 22% of his or her income to spend,â€ I responded.

The plan that follows, I first heard at the University of Baltimore on a recent sojourn from happy hour. This micro-tax plan is an amalgamation of research from various pundits, but the first passionate presentation I heard came from a candidate for the U.S. Senate. Kevin Zeese is an Independent, running for one of Marylandâ€™s seats. Here, now, a tax plan for your consideration:

Replace the Federal Income Tax For Most Americans with a Micro-Tax on Wealth Instruments

The discrepancy in wealth between working Americans and the wealthiest is growing ever more extreme. The number of millionaires and billionaires is increasing while the median family income is decreasing and poverty is increasing. The wealthiest are not getting richer because they are smarter or work harder, they are getting wealthier because of a rigged system of finance that protects their wealth. Corporate welfare transfers hundreds of billions of dollars annually from working Americans to the wealthiest Americans. Hundreds of trillions of dollars are traded on stock, bond, and derivative markets which do not create wealth, only gamble on the future performance of the economy. Currency traders have become rich by bidding down the value of different currencies doing serious damage to their economies in the process. This speculative activity is so huge that only a tiny tax on transactions in these markets â€“ a tax of .1% â€“ would raise enough money to eliminate all federal income taxes on the first $100,000 in income â€“ and still create a giant surplus in revenue.

The Income Disparity: Income and Wealth in the United States is not a Bell Curve it is an L Curve*

If the population of the United States were represented along the length of the football field, arranged in order of income the median US family income (the family at the 50 yard line) has an income of $40,000 (visualize this as a stack of $100 bills 1.6 inches high.)

A family on the 95 yard line earns about $100,000 per year, this is a stack of $100 bills about 4 inches high.

At the 99 yard line the income is about $300,000, a stack of $100 bills about a foot high.

One foot from the 100 yard line the curve reaches $1 million (a 40 inch high stack of $100 bills).

From there it keeps going dramatically up with the stack of $100 bills reaching 30 miles for the 370 billionaires in the United States (one billion is one thousand millions!).

First $100,000 in Income Federal Tax Free Replaced By A Tax on Wealth Instruments

The essence of the Zeese Tax Plan is for income taxes on the first $100,000 in income to be replaced by a tiny tax, 0.1%, on the sale of stocks, bonds, currency and derivatives. This tax reform will actually produce greater revenue while at the same time facing up to the undemocratic rich-poor divide created by an economic system rigged for the wealthiest.

The taxes on the first $100,000 in income produce $311 billion in revenue. Under the Zeese Tax Plan the first $100,000 in income is federal income tax free and made up by a tiny tax on sales of wealth instruments (a modified Tobin Tax*). Currently Maryland taxpayers pay a 5% tax when they purchase food (in restaurants), clothing, books, houses, cars â€“ the essentials in life, but those who purchase stock, bonds, currency and derivatives as investments pay no tax on such purchases.

Potential Taxes on Sale of Wealth Instruments

Type

Volume in dollars

Tax rate 0.1%

Bond Market 2005

$500B/day=$130,000B/yr

$130B

Stock Market 2003

$22,291B/yr

$22.3B

Derivatives, over the counter 2004

$355 B/day=$92,300B/yr (US market is 23% of world market)

$92.3B

Derivatives, exchange traded, 2005

$870 T/yr (US market is 58% of world market)

$870 B

Currency exchange(2004)

$52.2T/yr

$52.2B

Total revenue

$1,166.8 B

*The original concept derives from James Tobin, a Ph.D. Nobel-laureate economist at Yale University as an excise tax on cross-border currency transactions. In addition to raising significant revenues, and democratizing the U.S. economy this tax will discourage speculation which has led to the collapse of currencies in Mexico, Russia, Indonesia, Taiwan, Thailand, and South Korea in the 1990s.Thus, a tiny tax of 0.1% on the purchase of wealth instruments easily makes up the loss of revenue from taxes on the first $100,000 in income. Indeed, it results in some $800 billion in additional revenue. How this additional revenue should be used will be the subject of a separate paper. In addition, a tax on each transaction might dampen some of the â€œirrational exuberanceâ€ that have typified these markets of late. The dollar volume of over the counter derivative transactions doubled between 2001 and 2004. Among exchange rated derivatives the growth rate was 70% between 2003 and 2005. In September 2005, the Federal Reserve summoned 14 of the biggest banks in the credit derivative market over concerns that their inability to keep pace in processing transactions was threatening the stability of the banking system. A wealth tax would serve two purposes, to act as a stabilizing force on the market and to generate the funds to shift the tax burden from wages to wealth. It would be a significant step toward a fairer tax and economic system.

Dave Gonigam has been managing editor of The 5 Min. Forecast since September 2010. Before joining the research and writing team at Agora Financial in 2007, he worked for 20 years as an Emmy award-winning television news producer.

Thid makes perfect sense, but they won’t do it. Tax law is woderfully complicated in order togrant special favors and enrich the tax lawyers and acountants, many of whom have ties to our political hierarchy. That’s a damn shame.

MCLA

Or just stop rigging the system in favour of the wealthy and the powerful. Guess the easiest option is on nobody’s list.

Myron Martin

This is SO SENSIBLE it probably has ZERO chance of implementation, UNLESS American voters refuse to elect those who have ties to the present oligarchy of empire builders.

Fake Will Yancey

Example 1
Bank XYZ originates $100 million in 15 year 6% mortgage loans and decides to securitize these loans under FNMA arrangement. These loans are then sold on the open market to mostly other financial institutions. In this example I will assume par is 100%, current tax rate is 40%, there are no securitization costs, and the payoff of these loans are 5 years on a straight-line basis at the end of each year. What federal revenue is generated?

Total taxable amount over life of the security = $100 million
Total tax = $100,000

Jack

There is one thing I would add: Waive that tax on trades made by mutual funds. Keep the tax for the individuals. Mutual funds buy and sell fairly often, so those little 0.1% dings will add up very quickly over time. Many middle class people have mutual funds in their retirement portfolios… it would be irresponsible to destroy the performance of mutual funds to the detriment of middle class workers.

Pandelong

The Common Joe should love this, “…no tax, so what’s not to like?”

The Richey Rich should love this, “…as long as you don’t touch my loopholes!”

But what is the tax rate?

Wouldn’t a 15% flat tax be more fair? Or a VAT on purchases?

If I make $100,001 why do I get taxed? Where is the Equal Protection under the law?

Sounds Looney?

Well not if the so-called “rich” have their loopholes. And I wouldnâ€™t call someone who makes $99,999 poor… these folks donâ€™t deserve special treatment nor do the reach the level of a suspect class under the constitution. So…

I say flat tax all the way! Everyone taxed the same close the holes!

Fake Will Yancey

Would this plan encourage investors to hold investments to maturity thereby reducing the liquidity in the market?

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I think Kevin Zeese should stay home and mind his own business instead of trying to utilize a criminal syndicate to restore “economic justice,” whatever THAT is.

Am I the only one who sees the current inequity existing solely as a result of all of the past evil do(good)ers attempts at “fixing” things?

To expect criminals to operate in the interest of their targets instead of their own, is pure lunacy.

The rich are getting richer, and people like Mr. Zeese will ensure it continues by sanctioning the very tools that created the disparity.

Like all social improvers, he fails to realize his actions can do nothing but work against his intentions, thanks to the inescapable law of unintended consequences.

Further empowering madmen (by demanding that they DO SOMETHING, giving them a so-called MANDATE) does nothing to create a just society, but ensures it will never exist.

Beverly

I would like to comment on two issues. First, I love the micro-tax idea. However, taxing stock transactions would have enormous consequences for almost everyone as defined benefit plans give way to 401K programs etc. Almost all Americans will have their retirement system dependent on the stock market in the future. (A plan I am adamantly opposed to, but which seems to be happening anyway). You will end up taxing the little guy afterall. Second, those people who are advocating a flat tax in the name of “fairness”, always seem to forget that a 15% tax on a person making $60,000 will affect their life style a whole lot more than a 15% tax on a person with a $5 million income. The percentage may be the same, but the effect is hugely different. It is far better to have taxes come from a plan such as Mr. Zeese’s that allow people to more easily enter the middle class if the problem with the retirement funds issue can be addressed.

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